In the last ten years, the gig economy most likely associated with applications such as Uber, Upwork, and Door Dash has developed significantly. The global gig economy was valued at about $455 billion in 2023, and it is expected that freelancer’s contribution occupies more than half of the entire United States workforce by 2027. This is attributed to the worker’s tendency to seek flexibility and control in their working hours and that there is desire for workers to earn their wages with the level of inflation and cost of living trumping costs for employers although it differs from country to country.
The COVID-19 pandemic made it even worse because millions of employees resorted to the usage of gig concepts in an attempt to make a living during the times of economic crisis. The employment in gig work is not restrained to the young people only, over 20% of gig workers are of the age group 55+ as it offers them an opportunity to earn after retirement.
Today it comprises a relatively large part of the employed population especially in the niche areas such as software design and digital advertising, where per project rates are often higher for freelancers than staffers. However, the disadvantages which are still present are instability of earnings and the absence of social protections, therefore most people combine freelance work with having a regular job.
Gig economy is slowly integrating itself into the current and future work environment hence offering and creating challenges to millions of people all around the world.
Source:Â Growth of the GIG economy in the last decade 2024 (bing.com)Â , 25 Latest Gig Economy Statistics For 2024 (33rdsquare.com)Â , Gig Economy Statistics to Know 2024 (financebuzz.com)
